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Consolidated Statements of Cash Flows (Parenthetical)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 01, 2019
USD ($)
Dec. 31, 2019
USD ($)
Apr. 30, 2019
USD ($)
ft²
Nov. 30, 2018
ft²
Jun. 30, 2013
ft²
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Contribution to unconsolidated joint venture [1]           $ 8,658,000 $ 0 $ 1,339,000
Investments in unconsolidated joint ventures   $ 38,240,000       38,240,000 $ 28,602,000  
TRC-MRC 3, LLC                
Number of acres for development | ft²     579,040 579,040        
Transaction costs     $ 2,800,000          
Gross profit $ 1,537,000   1,500,000          
Deferred gain on sale 1,537,000   1,500,000          
TRC-MRC 3, LLC | Land                
Contribution to unconsolidated joint venture $ 5,854,000   $ 5,900,000          
TRCC-East                
Contribution to unconsolidated joint venture   2,805,000            
Number of acres for development | ft²         326,000      
Gross profit   334,000            
Deferred gain on sale   501,000            
Investments in unconsolidated joint ventures   $ 2,000,000       $ 2,000,000    
[1] In April 2019, the Company contributed land with a fair value of $5.9 million to TRC-MRC 3, LLC, an unconsolidated joint venture formed to pursue the development, construction, leasing, and management of a 579,040 square foot industrial building on the Company's property at TRCC-East. The total cost of the land, inclusive of transaction costs was $2.8 million. The Company recognized $1.5 million in profit and deferred $1.5 million after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. In December 2019, the Company contributed a newly constructed commercial multi-tenant building and underlying land with an aggregate fair value of $2.8 million to TA/Petro, an unconsolidated joint venture. The total cost of the building construction and land was $2.0 million. The Company recognized $0.3 million in profit and deferred $0.5 million after applying the five-step revenue recognition model in accordance with Accounting Standards Codification (ASC) Topic 606 — Revenue From Contracts With Customers and ASC Topic 323, Investments — Equity Method and Joint Ventures. Historically, cash outflows related to land development expenditures were accounted for within investing activities. For consistency, the Company will continue to classify cash outflows and cash inflows related to land development as investing activities.